- The descending broadening wedge of QQQ has given a breakout.
- QQQ had a similar pattern in daily chart which performed well as shown in daily chart.
- For this pattern if price closes above the Golden ratio we may see the recent high's at 68 getting tested again.
- Unable to sustain above Golden ratio will result in a gall back into the pattern.
July 19, 2012
- Nifty daily chart getting support at 100 Day SMA. For bears this level must break for further breakdown.
- Weekly stochastic is showing overbought levels and will be effective as long as price sustains below the falling resistance line.
- For a bigger up move price must stay above the lines and 5370 level as shown in weekly line chart.
- S&P 500 EOD UPDATE
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